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Excise Tax Act (ETA) by virtue of new powers granted to the Minister under the  Time Limits and Other Periods Act (COVID-19) (Time Limits Act), which received royal assent on July 27, 2020. Statute-Barring Periods Under the ministerial orders, the period within which the CRA can issue reassessments was extended by six months or until December 31, 2020, whichever is earlier, in respect of years or periods that would otherwise have become statute-barred under the ITA or ETA on or after May 20, 2020. These ministerial orders are no longer in force and no further extensions have been announced...

On November 30 th, 2020, the Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, released the Fall Economic Statement 2020 (the "Statement"), which contains certain proposals to amend the  Income Tax Act  (Canada) (the "ITA") and the  Excise Tax Act (the "ETA"). Income Tax Measures Employee Stock Options The Statement proposes rules related to the tax treatment associated with the exercise of employee stock options. The rules will generally disallow the 50% stock option deduction by the employee if the stock option vests more than $200,000 worth of stock in a cale...